Lend a Hand fixed savings account

An account for savers who want to help a family member buy their first home through the Lend a Hand Mortgage Scheme. The account can only be held by one person. Read the summary box before applying.

Features and benefits

Help a family member get on the property ladder using your savings.

Help a family member with your savings

Instead of them putting down a deposit, you can move 10% of the property purchase price into this savings account as security for 3 years against the Lend a Hand mortgage.

Annual fixed interest

Get fixed interest paid annually for the 3 year term. Choose for it to be paid into this account or another in your name.

Let's break it down

Who it's for

You can apply for the Lend a Hand fixed savings account if:

  • your family member has started their application for a Lend a Hand mortgage with us
  • you're 18 or over and live in England or Wales
  • either you or the mortgage applicant have a Club Lloyds or Lloyds Premier current account.

How it works

  • You'll need to put 10% of the property purchase price into an Easy Saver or Club Lloyds Saver. We'll change that account into a Lend a Hand fixed savings account before the purchase completes.
  • We’ll take a Legal Charge over the deposit balance, not including the interest you receive on the savings.
  • At the end of the term the legal charge will be released, as long as the mortgage is up to date with no missed payments or defaults. The charge can be released earlier if the mortgage is paid off in full during the term.
  • The legal charge means if there are defaults on the mortgage we can take money from the savings. This means that you may get back less than the amount paid in.
  • You can't access the savings until the charge is released.
  • For more information, read the Lend a Hand scheme guide (PDF, 134KB).

Before you go ahead

Keep in mind

  • Make sure you're happy for a legal charge to be held over your savings.
  • You won't be able to access the savings during the 3 year term or close the account early.
  • At the end of the 3 year term, we'll change the account to a Standard Saver. If the mortgage is in arrears the charge may continue on the Standard Saver.
  • You should get independent legal advice. We'll give you £300 cashback towards this. 

Summary box for Lend a Hand fixed savings account

  • Your balance

    Gross (Annual Interest)

    AER (Annual Interest)

    Your balance

    £1+

    Gross (Annual Interest)

    3.45%

    AER (Annual Interest)

    3.45%
    • The interest rate is fixed, which means we won't change it during the three year term.
    • We'll pay it every year. This will be on the anniversary of when the account changed from an Easy Saver or Club Lloyds Saver to a Lend a Hand fixed savings account.
    • We'll pay it to the account you chose when opening the Easy Saver or Club Lloyds Saver account.

  • No. This account has a fixed rate of interest so the rate won’t change during the three year term.

  • This is an example of what the future balance might be, after interest has been paid:

    Initial deposit

    Gross rate

    Balance after 36 months

    Initial deposit

    £20,000

    Gross rate

    3.45%

    Balance after 36 months

    £22,142.23

    This example assumes that we do not withdraw any money to cover any Lend a Hand mortgage payment arrears and that interest is paid into the account.

  • You can apply for this account if:

    • it is being opened as part of the Lend a Hand mortgage scheme
    • you agree the balance, excluding interest, can be held as security against the Lend a Hand mortgage
    • you accept you will not be able to access the savings until the charge is released
    • you’re 18 or over, resident in England or Wales, and you aren’t a named applicant on the mortgage
    • either you or the mortgage applicant have a Club Lloyds or Lloyds Premier current account.
    • you can only open a Lend a Hand Fixed Savings Account in your sole name.

    You should obtain independent legal advice before opening the account.

    You will need to open either an Easy Saver or Club Saver savings account online first to pay your deposit into. The mortgage applicant will receive a declaration that you will need to sign and complete. The deposit must be 10% of the property purchase price and can't be more than £50,000. We need to receive this at least 7 working days before the property purchase completes (not including Saturdays, Sundays or English bank holidays). Before the house purchase completes, we’ll change your account to a Lend a Hand Fixed Savings Account. The three year term starts on the day the account is changed to a Lend a Hand Fixed Savings Account.

    You can manage the account online, in a branch and over the phone.

  • You can't take out any money during the term or close the account early.

    As the money is held as security against the Lend a Hand mortgage, we can withdraw from the account to pay off any arrears on the mortgage. This means that you may get back less than you deposited.

    After three years the account will change to a Standard Saver. Before this happens, we'll contact you to explain your options and next steps. If the mortgage had been kept up to date then you will then be able to access your savings. But if the mortgage was not kept up to date, the legal charge may continue after the three year term with the Standard Saver. We will then only release the charge when the mortgage account is up to date.

  • Savings terms explained

    AER

    AER stands for Annual Equivalent Rate. Whenever you see an advert for a savings account that shows an interest rate, you'll see the AER. This means you can use the AER to compare accounts. It shows what the interest rate would be if your interest was paid and compounded once each year.

    Gross rate

    This means we won’t remove tax from the interest we pay on money in your account. You’ll need to pay any tax you may owe to HM Revenue & Customers (HMRC).

    For more definitions, view our glossary.

What to do next

Get the right savings account

There are two savings accounts that work with the Lend a Hand mortgage.

You should read the summary box and the terms and conditions (PDF, 58KB)  before you apply.

If you need further support, visit us in a branch.

 

Explore Easy Saver

Explore Club Lloyds Saver

Discover Lend a Hand mortgages

Our Lend a Hand mortgage lets family members help first-time buyers get their own home faster, without having to gift a deposit

Lend a Hand mortgage

Protecting your money

FSCS logo



The Financial Services Compensation Scheme (FSCS) protects up to £85,000 of the eligible money you hold with us.

More about the FSCS



Protecting your money

FSCS logo

The Financial Services Compensation Scheme (FSCS) protects up to £85,000 of the eligible money you hold with us.

More about the FSCS

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